‘Trump Was Right on Some Issues,’ Admits JP Morgan CEO Jamie Dimon
Jamie Dimon, CEO of JP Morgan Chase [Photo=Reuters·Yonhap News]
On the 17th (local time), Jamie Dimon, the CEO of JP Morgan, stated that he would maintain a cautious stance towards the US economy for the next two years. This is a warning that the US economy could be affected by financial and geopolitical risks working in complex ways.
During an interview with CNBC at the World Economic Forum (WEF Davos Forum) in Davos, Switzerland, Dimon remarked on the impending impact of a potent force in the years 2024 and 2025. He expressed uncertainty about the complete understanding of how terrorist activities in Ukraine, Israel, and the Red Sea, along with quantitative tightening, might influence the economy.
Dimon pointed out that the stock market, which has risen for months recently, has lured investors into being optimistic about the economy. He criticized, “Assuming everything is very good is a mistake,” and “The rise in the stock market is like a small pill that makes everything feel great.” He added, “Remember that I am being cautious because there have been many fiscal and monetary stimulus measures.”
Last year, Dimon warned that “a hurricane would hit” the economy due to the quantitative tightening and the war in Ukraine. In several interviews conducted on the day, he revealed his views on the war in Ukraine, former President Donald Trump, immigration, commercial real estate, and Bitcoin.
He stressed that Trump’s achievements during his presidency played a significant role in his recent success in the Iowa Caucus. He pointed out that Trump had valid points regarding NATO and immigration and acknowledged Trump’s effective handling of the economy. Furthermore, he mentioned the success of tariff reforms and conceded that Trump was correct about certain aspects of the relationship with China.
Dimon acknowledged that Trump’s correctness on some critical issues was a key reason behind his electoral support, emphasizing the alignment of his views with those of the voters.
Dimon equated Bitcoin to the “Pet Rock” that was briefly popular before, stating it has no value. He said, “America is a free country, and I support your right to invest in Bitcoin, but my advice is not to do it.”
Meanwhile, David Solomon, CEO of Goldman Sachs, stated that excluding geopolitical issues, the market environment has “improved” compared to a year ago but is facing difficulties due to the soaring US federal government debt.
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